Equinor, Ørsted/Eversource Get Conditional Awards for New York Offshore Wind Projects
By Josh Beckerman
Two conditionally awarded New York state offshore wind projects were announced Thursday, one for Equinor's Empire Wind 1 and the other for Sunrise Wind, developed by Ørsted and Eversource.
Eversource, which has been working on exiting its offshore wind investments, said it would move forward with its agreement to sell its 50% Sunrise Wind stake to Ørsted. Eversource would remain contracted to lead onshore construction.
"Upon the completion of a successful sale, Eversource no longer expects to have any risk exposure related to Sunrise Wind, including abandonment costs that were assumed in its impairment assessment," the company said.
Eversource said Feb. 13 that it agreed to sell its 50% ownership share in South Fork Wind and Revolution Wind to Global Infrastructure Partners.
Sunrise Wind is planned at 924 megawatts, with an expected commercial operation date of 2026. Empire Wind 1, planned at 810 megawatts, has an anticipated commercial operation date of 2027.
Equinor and BP said in early January that they would terminate the Empire Wind 2 project, citing "commercial conditions driven by inflation, interest rates and supply chain disruptions." A few weeks later, Equinor said it would take full ownership of Empire Wind's lease and projects through a swap transaction, and said BP would take over Beacon Wind Holdings.
Equinor said Thursday that it "intends to bring in a partner to enhance value and reduce ownership share and exposure" in Empire Wind 1.
In November, Ørsted said it would stop development of two New Jersey offshore wind farm projects.
Write to Josh Beckerman at josh.beckerman@wsj.com
(END) Dow Jones Newswires
February 29, 2024 13:55 ET (18:55 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.-
What History Tells Us About the Fed’s Next Move
-
What’s Happening In the Markets This Week
-
Alphabet’s New Dividend: What Investors Need to Know
-
Going Into Earnings, Is Palantir Stock a Buy, a Sell, or Fairly Valued?
-
Going Into Earnings, Is Eli Lilly Stock a Buy, a Sell, or Fairly Valued?
-
What’s the Difference Between the CPI and PCE Indexes?
-
5 Stocks to Buy That We Still Like After They’ve Run Up
-
Markets Brief: Stocks Are Starting to Look Cheap Again
-
AbbVie Earnings: Next-Generation Immunology Drugs Help Offset Humira Biosimilar Pressure
-
Exxon Earnings: Ignore Earnings Shortfall as Long-Term Growth and Improvement on Track
-
American Airlines Earnings: We See Costs Overshadowing Market Share This Year
-
Snap Earnings: Advertising Growth and Snapchat+ Drive Monetization
-
STMicro Earnings: We Still See an Attractive Margin of Safety Despite a Poor First-Half Forecast
-
Alphabet Shares Surge on Strong Earnings, Dividend Surprise
-
Microsoft Earnings: Firm Beats Forecasts on Strong AI and Cloud Demand
-
PG&E Earnings: Near-Term Regulatory Certainty Supports Industry-Leading Earnings Growth